Elon Musk All Set To Acquire Twitter For Rs 3.3 Lakh Crore! Twitter Board Agrees To ‘Recommend’ This Acquisition

A regulatory filing on Tuesday indicates that Twitter’s board has unanimously recommended that shareholders approve the proposed $44 billion sale of the company to the world’s richest person Elon Musk.

Twitter Acquisition

Last week, Elon Musk had reiterated his desire to move forward with the acquisition during a virtual meeting with Twitter employees.

According to the Associated Press, the shares of Twitter remain far below his offering price, signaling considerable doubt that it will happen.

Further, Billionaire and Tesla CEO, Elon Musk reportedly listed the approval of the deal by shareholders as one of several “unresolved matters” related to the Twitter deal, during an interview at the Qatar Economic Forum.

Profit For Twitter Investor

It appears that the shares of Twitter essentially remained flat just before the opening bell yesterday and far short of the $54.20 per share that Elon Musk has offered to pay for each. 

Last time the company’s stock reached this level was on April 5 when it offered Musk a seat on the board before he had offered to buy all of Twitter, according to AP.

Twitter’s board of directors reportedly said that it “unanimously recommends that you vote (for) the adoption of the merger agreement,” in a filing with the U.S. Securities and Exchange Commission detailing on Tuesday while detailing a letter to investors.

If this deal happens then investors in the company would pocket a profit of $15.22 for each share they own.

Rollercoaster Ride For Twitter-Musk Deal

It seems like a rollercoaster journey of this Twitter-Musk deal as it  has been pending for about a couple of months. 

Prior to this Elon Musk threatened to call off the deal if the spam accounts issue wasn’t resolved.

For the first time, Elon Musk took a major step by addressing the Twitter employees last week. 

During this, Musk answered Twitter employees’ questions and talked about a wide range of topics. 

These talks include various topics such as aiming for Twitter to reach 1 billion daily active users, discussion of aliens, not caring about being the CEO, expressing his love for Twitter, indicating possible layoffs and laying emphasis on freedom of speech again by mentioning that users should be allowed to say what they want on Twitter.

Last week, a dogecoin investor filed a whopping $258 billion lawsuit against Elon Musk.